Half of Venezuela's Oil Now Heads to US Refineries

U.S. Energy Under Secretary Kyle Haustveit reported that about half of Venezuela's oil output is now being exported to the U.S., a significant shift in the country's energy landscape. According to Haustveit, around 500,000 barrels per day are being sent to refineries built specifically for Venezuelan crude.

This development comes as Venezuela's state-owned oil company PDVSA has seen an increase in production and exports this year. Jovanny Martinez, a vice president at PDVSA, stated that the country needs Venezuela's heavy oil grades to feed its economy, which relies heavily on imported diluents.

Martinez also highlighted the need for modernization and expansion of Venezuela's refineries, as well as improvement in fuel output. He noted that Venezuelan fuel production has increased by 12.9% this year, meeting 5.4% more domestic demand.